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Kodak Presentation

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Kodak, saving an institution.

Kodak, saving an institution.

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  • 1. “Man plans, God laughs”
    -Yiddish Proverb
  • 2. Saving an institution
  • 3. $7.5 Billion in debt
    88,000 employees
    Poor project management
    Few new products
    Lethargic matrix management
    Shaky morale
    Cut-throat competition
    Kodak was dying in 1993 – Why?
  • 4. “Those that do not learn from history are doomed to repeat it”
    George Santayana
  • 5. Became CEO of Kodak in 1993
    Ph.D. in Applied Mathematics from Brown University 1966
    Former CEO Motorola 1988-1993
    Industry Rock Star
    Enter George M.C. Fisher – who is he?
  • 6. Eliminate Debt
    Streamline Management
    Fast Track Products
    Increase Profitability
    Reinvent corporate culture
    Go slow, let change be absorbed gradually
    George had a plan to save Kodak – What was it?
  • 7. $6 Million of debt was eliminated through sale of subsidiaries.
    The company was refocused on digital as the future of the company
    Expenses were slashed
    Management was held accountable
    Did it work?
    In some ways, yes, others no
  • 8. Employee ranks were still bloated with analysts calling for cuts of 10-20%
    The dollar got stronger, which made competing against Fuji films overseas almost impossible.
    Fuji slashed the price of its film to thwart Kodak’s overseas bid.
    That sounds good, what didn’t work?
  • 9. George Fisher stepped down as CEO in 1999 and Chairman in 2000 at age 58. He now sits on several boards but has never been CEO again.
    His Successor Daniel Carp was a 30 year Kodak veteran. (he lasted five years)
    George Perez is now CEO
    Ouch, what happened then?
  • 10. And the stock price, what’s happened to it?
  • 11. Hard to say but certainly not in its present form. Kodak just announced job cuts of 4500 while announcing its first quarterly profit in years.
    The stock surged 18% to $6.08.
    The stock traded for $90 in 1997
    Will Kodak survive?
  • 12. Again hard to say, he could have cut more jobs quicker and refocused on digital products sooner
    In some cases the corporate culture is so ingrained that no CEO can make his message heard all the way down the org chart.
    In Closing, could George have done anything different to turn Kodak around?